...The Obama Administration submitted its first Department of Defense (DoD) budget request on May 7, 2009, providing details that were consistent with previously announced spending levels and the program changes outlined by Defense Secretary Robert Gates in early April. Spending growth in the base (or core) budget continues in fiscal-year (FY) 2010, but war spending will begin to taper off. Overall spending levels remain very high and continue to support the defense sector's credit quality. + ...